TVI Pacific Announces Reliance on Relief from Filing and Delivery Requirements for Annual Financial Statements and Associated MD&A and Interim Q1 2020 Financial Statements and Associated MD&A CALGARY ,
TVI Pacific Announces Reliance on Relief from
Filing and Delivery Requirements for Annual
Financial Statements and Associated MD&A
and Interim Q1 2020 Financial Statements and
Associated MD&A
CALGARY
,
May 29, 2020
/CNW/ - TVI Pacific Inc.
(TSX-V: TVI) (OTC Pink: TVIPF)
("
TVI
" or the
"Company
") announced today that COVID-19-related restrictions have continued to delay the audit
of the Company's annual financial statements. In particular, the Company's external auditors in
the
Philippines
and the external auditors of TVI Resource Development Phils, Inc. (
"TVIRD"
), a
Philippines
corporation in which TVI holds a 30.66% interest, have continued to be delayed in their
effort to conclude various audit procedures due to the State of Emergency and Enhanced
Community Quarantine Measures announced by
the Philippines
government. Accordingly, the
Company has not been able to file its audited financial statements for the years ended
December
31, 2019
and
December 31, 2018
(the "
Annual Financial Statements
") and associated
Management's Discussion and Analysis ("
Annual
MD&A
") and continues to rely on the blanket
orders and similar instruments (including Alberta Securities Commission Blanket Order 51-517 –
Temporary Exemption from Certain Corporate Finance Requirements
) granted by various securities
regulatory authorities in
Canada
in late
March 2020
(collectively, the
"Blanket Relief"
). TVI
previously announced (on
April 27, 2020
) its reliance upon the Blanket Relief, which provides
temporary relief to reporting issuers from certain requirements of National Instrument 51-102 –
Continuous Disclosure Obligations
(
"NI 51-102"
), including the requirement to file and deliver (i) the
Annual Financial Statements (under Sections 4.2 and 4.6(3) of NI 51-102, respectively) and (ii) the
Annual MD&A (under Sections 5.1(2) and 5.6(1) of NI 51-102, respectively) by
April 29, 2020
, which
was the filing deadline otherwise applicable under NI 51-102.
Similarly, the Company is unable to file its interim financial statements for the quarter ended
March
31, 2020
(the "
Interim Financial Statements
"), and the associated MD&A (the "I
nterim MD&A
"
and, together with the Interim Financial Statements,
"Interim Filings"
) due to COVID-19 related
restrictions that have continued to delay the audit of the Company's Annual Financial Statements. As
such, the Company intends to also rely upon the Blanket Relief to exempt it from the requirements to
file and deliver (i) the Interim Financial Statements (under Sections 4.4 and 4.6(3) of NI 51-102,
respectively) and (ii) the Interim MD&A (under Sections 5.1(2) and 5.6(1) of NI 51-102, respectively)
by
May 30, 2020
, which is the filing deadline for the Interim Filings otherwise applicable under NI 51-
102.
Subject to ability of the Company's external auditors to complete their audit in
the Philippines
, the
Company plans to file the Annual Financial Statements and Annual MD&A on or about
July 1, 2020
and to send physical copies of the Annual Financial Statements and annual MD&A to registered and
beneficial shareholders who have requested copies of those documents on or about
July 10
, 2020.
The Company further currently plans to file the Interim Filings on or about
July 31
, 2020. As the
anticipated filing dates for the Annual Financial Statements, the Annual MD&A and the Interim Filings
are outside the 45 day "extension period" associated with the Blanket Relief, the Company
anticipates making an application for a Management Cease Trade Order under National Policy 12-
203.
Other than as disclosed in the following news releases disseminated by the Company, there have
not been any material business developments since
September 30, 2019
(being the date of the last
interim financial statements filed by the Company with various securities regulatory authorities in
Canada
).
October 18, 2019
(this news release was subsequently clarified and partially retracted – see
description of
November 22, 2019
news release below) – TVI announced that TVIRD had filed
an updated National Instrument NI 43-101 technical report ("
Updated NI 43-101
") in relation to
the Balabag Gold and Silver Project ("
Balabag
").
October 22, 2019
– TVI announced that TVIRD had closed an Omnibus Loan and Surety
Agreement with China Banking Corporation, providing for a U.S.
$28.5 million
principal amount
5-year term loan facility (the "
Facility
"), the proceeds of which are to be used to finance
development activities at Balabag.
October 24, 2019
– TVI announced that TVIRD completed its first drawdown (U.S.
$6 million
)
under the Facility to finance Balabag development works.
November 22, 2019
– TVI announced that, at the request of the Investment Industry Regulatory
Organization of
Canada
, it was: (i) clarifying and retracting certain disclosure contained in the
news release dated
October 18, 2019
entitled "TVI Pacific's 30.66% owned TVIRD Completes
Updated NI 43-101 for its Balabag Gold Project"; and (ii) withdrawing the Updated NI 43-101
itself as the disclosure was not in compliance with NI 43-101 criteria.
November 22, 2019
– TVI announced that TVIRD had determined to advance Balabag towards
commercial production and was progressing with various development works.
December 2, 2019
– TVI announced that TVIRD completed its second drawdown (U.S.
$3
million
) under the Facility to finance Balabag development works.
January 3, 2020
– TVI announced that TVIRD completed its third drawdown (U.S.
$3 million
)
under the Facility to finance Balabag development works.
February 3, 2020
– TVI announced that TVIRD completed its fourth drawdown (U.S.
$2 million
)
under the Facility to finance Balabag development works.
March 2, 2020
– TVI announced that TVIRD completed its fifth drawdown (U.S.
$3 million
)
under the Facility to finance Balabag development works.
April 20, 2020
– TVI announced that TVIRD completed its sixth drawdown (U.S.
$5 million
)
under the Facility to finance Balabag development works.
April 27, 2020
– TVI announced that it intended to rely upon blanket orders and similar
instruments (including Alberta Securities Commission Blanket Order 51-517 – Temporary
Exemption from Certain Corporate Finance Requirements) granted by various securities
regulatory authorities in
Canada
in late
March 2020
, to exempt it from the requirement to file
and deliver the Annual Financial Statements and Annual MD&A by
April 29, 2020
, which was the
filing deadline otherwise applicable under NI 51-102.
May 12, 2020
– TVI announced that TVIRD completed its seventh and final drawdown (U.S.
$6.5 million
) under the Facility to finance Balabag development works.
The Company confirms that its management and other insiders are subject to an insider trading
black-out policy that reflects the principles in Section 9 of National Policy 11-107 –
Failure-to-File
Cease Trade Orders and Revocations in Multiple Jurisdictions
, such that they are subject to trading
restrictions until the commencement of the second trading day after the Annual Financial Statements
and MD&A have been filed under NI 51-102.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the acquisition of resource projects in
the
Asia Pacific
region. TVI currently holds a 30.66% equity interest in TVIRD and a 2.95% equity
interest in Integrated Green Energy Solutions Ltd., a publicly listed company incorporated in
Australia
with shares listed on the ASX. Integrated Green Energy Solutions Ltd. is engaged in the
commercialization of technologies to convert waste plastics to fuel in
Australia
and internationally.
TVI's other holdings include a 14.4% equity interest in Mindoro Resources Ltd. and a 100%
investment in shares of TG World. As at the date of this announcement, TVI has 655,537,039
outstanding common shares and 696,887,039 fully diluted including the currently issued outstanding
options of 41,350,000.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
TVI Pacific Inc.
View original content:
http://www.newswire.ca/en/releases/archive/May2020/29/c7517.html
%SEDAR: 00001837E
For further information:
Patrick Hanna, Chief Financial Officer, TVI Pacific Inc., Phone: 403-265-
4356, E-mail: [email protected], www.tvipacific.com
CO: TVI Pacific Inc.
CNW 07:00e 29-MAY-20